vehicle upgrades
- Thread starter nestor7
- Start date
Morning Nestor
vehicle upgrades
I bought a used cargo van I put into service in August of 2010. I recently added an inverter/battery system and an espar heater. Are any of these improvements tax deductible? Thanks
It DEPENDS!.
IF Are you planing on using the standard mileage deduction of 55 cents per mile or you may take actual expenses per IRS Publication 334, 463 Individual Business instructions for filing
NO!! due to the mileage covers all truck expenses except Workmens Comp Or Occupational Insurance, Satellite cost, per diem, hotels, etc.
The Espar Heater must be depreciated over 5 years or totally deducted under 179 Deduction, but you have no more after the first year. I suggest the depreciation
Any other equip purchased over $100 must be either depreciated or a 179 deduction
the batteries, Inverter system- depreciated or 179 deduction
Other wise you cannot take the mileage deduction if you want to take actual expense
Fuel,
Truck Insurance
Repairs and Maintenance
Depreciaton on Van over 5 years
including Computer,
computer software (must be 179 only)
IF there are any additional questions, please do not hesitate to ask and thank you for your inquiry
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
vehicle upgrades
I bought a used cargo van I put into service in August of 2010. I recently added an inverter/battery system and an espar heater. Are any of these improvements tax deductible? Thanks
It DEPENDS!.
IF Are you planing on using the standard mileage deduction of 55 cents per mile or you may take actual expenses per IRS Publication 334, 463 Individual Business instructions for filing
NO!! due to the mileage covers all truck expenses except Workmens Comp Or Occupational Insurance, Satellite cost, per diem, hotels, etc.
The Espar Heater must be depreciated over 5 years or totally deducted under 179 Deduction, but you have no more after the first year. I suggest the depreciation
Any other equip purchased over $100 must be either depreciated or a 179 deduction
the batteries, Inverter system- depreciated or 179 deduction
Other wise you cannot take the mileage deduction if you want to take actual expense
Fuel,
Truck Insurance
Repairs and Maintenance
Depreciaton on Van over 5 years
including Computer,
computer software (must be 179 only)
IF there are any additional questions, please do not hesitate to ask and thank you for your inquiry
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.